They probably need to adjust with the times as they've been going with the same old 4 banks and two miners approach (I know they don't have Rio at the moment but it's more a point on the portfolio allocation that the conservative LIC'S have traditionally had). The only big holding they have that's a bit unique is NHC and that's just because of the SOL link. I know it's exactly the same managers but i'd be interested to see the performance since externalizing the management with Contact.
Ann: Net Tangible Asset Backing, page-4
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